Bitcoin went from nothing to becoming a threat to Central Banks, IMF and Governments
Let's be honest with ourselves crypto has been one of the most successful form of making money over the years and is still one of the ways to attain financial freedom and to be free of oppression from the Central Banks, IMF and some Governments, maybe that why they are so scared of it, because it is giving power back to the people and making them not to fall for all the manipulative tactics from the government using my country Nigeria as a case study, the youth no longer care about the lies the government tells anymore, we try our best to make our money and do right by ourselves and we don't wait on the government to make things happen for us anymore,
Bitcoin came out 13 years ago when people didn't know it's potential and how great it will become, for someone to use 10,000 Bitcoin to buy two pizzas because that is was worth then, compare that to the price now despite the huge drop in price now over the past 7 months, the purchase of two pizzas with 10,000 Bitcoin made history and is celebrated world wide now, since the day that purchased happened till now Bitcoin managed to go from below $1 to tens of thousands of dollars, and it is been predicted to go into millions by the CEO of Microstrategy Michael Saylor. Although he is a Bitcoin maximalist.
Crypto Has Taken Over The Payment System But Not Everyone Agrees
Bitcoin adoption rate is growing stronger by the day. Bitcoin is a great base layer for payment and the best long-term store of value. Bitcoin works but not everyone sees it this way, I stumbled on a tweet about Bitcoin being slow, yes I agree sometimes it takes time because of the confirmations the transaction has to go through on the blockchain, and sometimes it is confirmed in a matter of seconds, but other cryptocurrencies are always fast, although I'm not done researching on the lightning network yet but it is supposed to make Bitcoin transactions faster. I am not sure if I can repeat exactly what that guy tweeted but I know it's something like this
That Credit card transaction times are seconds and Bitcoin transactions are done in minutes, that Bitcoin will never stick. And that till the day more people get paid in bitcoin rather than fiat, that will be the day bitcoin is a success to him. Then he ended by calling Bitcoin a pipe dream.
First of all, Bitcoin has proven times without number over the years that it is not a pipe dream if it was the government and world powers won't be scared of it, now the note of a transaction from your credit/debit card takes seconds, that's right. But the settlement (the actual moving of those funds) takes ages compared with most Crypto. That is easily researchable. Bitcoin is crypto too and it reduces the settlement time from days on Credit Cards to like 10 minutes. You may not think this matters, but in the world of commerce, it's a massive deal. And currently, two nations in the world have adopted Bitcoin as legal tender, which kills the IMF.
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Monero would be an even bigger threat if it is adopted more broadly for everyday use case.
The default privacy and fungibility features are invaluable for regular use and keep your balance private, as opposed to Bitcoin, greater care needs to be exercised to not expose your entire crypto wealth.
That would really be a bigger threat to them, I haven't done much research on Monero, I would have to create time to do that.
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But I still like Uley more)
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